Consumers and Businesses Continue to Play Catch Up as Cybercriminals Develop More Sophisticated Attack Vectors

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ThreatMetrix™, the fastest-growing provider of integrated cybercrime solutions, continues its commitment to National Cyber Security Awareness Month by aligning to the week four theme, “Cybercrime.” Criminals, especially cybercriminals, go where the money is. As more businesses adopt online transactions, cybercrime has become a lucrative market.

Unlike traditional crime such as robbing a bank, cybercriminals can steal credit card, login and personal information on a much larger, global scale with little effort or detection. While preventative cybercrime measures can help businesses differentiate between potential cybercriminals and authentic customers, most businesses and consumers are behind in terms of implementing cyber security strategies.

“One of the main challenges law enforcement faces is linking IP addresses to the fraudsters committing crimes,” said Andreas Baumhof, chief technology officer, ThreatMetrix. “Unlike those committing physical crimes offline, law enforcement cannot arrest an IP address. With many of today’s cybercriminals hiding behind proxies, it is difficult to determine where the attack originates and hold a specific person accountable for account takeover, payment fraud and identity spoofing.”

As cybercriminals continuously develop sophisticated attack vectors that easily go undetected, this can be extremely detrimental to businesses across industries – including banking and e-commerce. Once a business is compromised, they often lose customers and face the financial burden of recovering from the cybercrime attack.

Preventing Cybercrime on a Global Scale

Businesses can use advanced technology to protect transactions and online identities on a global scale – staying one step ahead of cybercriminals. The ThreatMetrix™ Global Trust Intelligence Network (The Network) analyzes more than 500 million monthly transactions across 1,900 customers and 9,000 websites to help businesses determine good and bad actors.

The Network is the only global data repository that provides insight into positive and negative behavior and threat intelligence for past transactions, online personas and devices using trust-based authentication. By leveraging collective trust intelligence, businesses can prevent suspicious transactions without compromising or inconveniencing authentic customers.

“While cybercriminals have developed complex strategies to remain under the radar and bypass security measures, the reality is everyone leaves a footprint online,” said Baumhof. “Unlike traditional security and antivirus measures, global intelligence offers the opportunity for businesses to trace suspicious footprints and stop cybercriminals in their tracks.”

Through its continued commitment to global trust intelligence and cybercrime prevention, ThreatMetrix technology complements this week’s National Cyber Security Awareness Month theme – “Cybercrime.” ThreatMetrix is aligned with the Department of Homeland Security’s commitment to national and local efforts to prevent traditional online crimes such as fraud and theft.